S&P hikes Hillman Solutions

S&P said it raised its ratings on Hillman Solutions Corp. to BB- from B and its senior secured debt to BB from B+.

“We estimate the company's S&P Global Ratings-adjusted EBITDA improved to about $225 million in fiscal 2022, compared to about $180 million during fiscal 2021, driven by the company's price increases, the absence of Covid-19 product valuation adjustments, improved performance from its Canadian division, and lower special purpose acquisition company (SPAC) merger-related costs. As a result, the company's S&P Global Ratings-adjusted leverage declined to 4.2x for the 12 months ended Dec. 31, 2022, compared to 5.7x for the same prior-year period,” the agency said in a statement.

S&P is projecting Hillman to improve its operating cash flow to about $180 million in fiscal 2023.

The outlook is stable.

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